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Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying. After listening awhile I get a deep sense of hopelessness and foreboding for our country. The most important thing for the left is giving money to people. They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits. They utterly fail to see the damage it is doing to the recipients. Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones. These people are no longer employable. They have become incompetent and helpless and the liberals can’t see that it’s their doing.

If it’s not in May it will very likely be in June when the Fed will finally be forced to be honest and admit that it is wrong on the economy. Therefore it will have to drop its tighter monetary policy. As a consequence precious metals will skyrocket. A u-turn by the Fed from tightening to easing will create a massive market shock. That day is rapidly approaching. As Michael Belkin says, “financial markets are a case of the blind leading the blind. The Fed keeps talking economic strength and has broadcast a series of interest rate hikes and even balance sheet reductions. Those consensus trades have virtually all market participants incorrectly positioned.”

On April 17 the Atlanta and New York Reserve Banks downgraded their outlook for U.S. economic growth for the first quarter after disappointing data on retail sales. People just simply don’t want to further increase their debts in order to buy goods they already have. The numerous vacant stores in New York, even not seen in the 2008/2009 period, are a clear testimony to that. I believe the fact that Ralph Lauren, a popular brand amongst Americans and foreigners, is closing its flagship store on Fifth Avenue is a clear sign of this trend. People are just fully saturated with debt and consumer goods, people are maxed out. No room left!